Life Insurance Phoenix Arizona AZ

Reader’s question:

I am a banker from Phoenix Arizona and I currently have 2 life insurance policies. Should I consolidate my coverage by replacing my existing smaller policy?

Jill

Phoenix, AZ

Very practical question, Jill.

If you’d ask me, I’d rather let you think things over first before you decide. But before anything else, it is very important that you never cancel an existing insurance until you have replacement insurance.

Regarding existing smaller policy you have, I’d like you to verify the length of time since you had it. The older the policy gets, there is a higher possibility that it has higher premiums too than when it was newer. So in your case, check your policy’s age. If the old policy has premium increase in a few years, it might be better to replace it now and look for a better replacement from a reputable life insurance policy in Phoenix.

Another consideration would be your health condition. You need to check whether you health has changed since the time you bought the old policy. Chances are, if your health has deteriorated, you will probably be either uninsurable or might be charged with higher premiums, depending on your medical condition.

Are you a smoker when you purchased the old policy? Then, you need to check whether you have completely stopped smoking since you purchased your old policy. If you did not, you will surely not get a preferred rate and you might be charged even higher than the current premiums you are paying. Smoking can deteriorate you health and can trigger risk factors to other chronic illnesses.

You can sit down and discuss this with you Arizona insurance agent in Phoenix. Carefully compare all the aspects of the proposed change. Once again, each state provides a comparison disclosure for anyone replacing an existing life insurance policy.

It is still best if you shop around the internet for more information on insurance replacement. Try to search for details and specific disclaimer for Arizona.